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Dec 8, 2012
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joining us is the former budget director for the obama administration. vice chairman at citigroup, a veteran of these negotiations, thank you for being here on a friday night. >> good to be with you. >> peter, you have been in a lot of these negotiations. you have been in their rhythms and seen how they go. what's your take? >> i think as you pointed out, it's still early. it's december 7th. both sides would be complaining if there was an agreement in place. but you can see the pieces coming together on the fiscal cliff some increase in marginal tax rates coupled with some kind of cutting back on tax expenditures. the real concern is shifting or will shift from the fiscal cliff to the debt limit. it's not clear that the republicans will agree to including a debt limit increase in that kind of package and if they don't, we may get past december 31st only to find ourselves with a big problem in february or march. >> the obama administration has been clear they will not sign anything. even to get past december 31st. so do you think they can hold firm on tha
joining us is the former budget director for the obama administration. vice chairman at citigroup, a veteran of these negotiations, thank you for being here on a friday night. >> good to be with you. >> peter, you have been in a lot of these negotiations. you have been in their rhythms and seen how they go. what's your take? >> i think as you pointed out, it's still early. it's december 7th. both sides would be complaining if there was an agreement in place. but you can see...
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Dec 8, 2012
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this shows the overall unemployment rate under president obama's administration. which of the president's policies have helped the most in this? >> well, very crucial to this has been his decision to get congress to extend unemployment benefits, surprisingly. because people, when they have that money, are spending it back in the economy. remember, every 50th person you meet statistically only has food stamps today as income. and that's the result of these years of the republicans policies. so having unemployment and >> send thing unemployment benefits next year would be very important to continue to bring this number down and have businesses hire more people, because they have customers with money in their pockets to buy products and services. >> this is what could have happened if congress failed to pass the recovery act. the center on budget and policy priorities says that we've added almost $1 million more jobs because of the stimulus package. why are the republicans fighting stimulus spending now? why? is it they don't want to see president obama succeed or do
this shows the overall unemployment rate under president obama's administration. which of the president's policies have helped the most in this? >> well, very crucial to this has been his decision to get congress to extend unemployment benefits, surprisingly. because people, when they have that money, are spending it back in the economy. remember, every 50th person you meet statistically only has food stamps today as income. and that's the result of these years of the republicans...
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administration. this is changing the color here is when president obama took over in january of '09. who is responsible for this turn around? >> the president and it would be a better turn around if the republicans had allowed a bigger stimulus. we'd have many more jobs. >> you'd make the case we didn't spend enough on the economy? >> we wasted 40% of that on tax cuts for small business, which is inherently savings and not stimulus. it was a real policy mistake. is this historic? >> we're going in the right direction. we're not creating as many jobs as we need for the population growth, but it's astonishing we're recovering the way we are and if the republicans would stop creating the uncertainty, remember the uncertainty by not making a deal, we'd see the numbers improving very dramatically. let me ask in terms of the stability. these are numbers. does it look historic? it doesn't. but when we were down here, we were on the verge of tipping over. our whole economic situation, our financial situation
administration. this is changing the color here is when president obama took over in january of '09. who is responsible for this turn around? >> the president and it would be a better turn around if the republicans had allowed a bigger stimulus. we'd have many more jobs. >> you'd make the case we didn't spend enough on the economy? >> we wasted 40% of that on tax cuts for small business, which is inherently savings and not stimulus. it was a real policy mistake. is this...